Hyperion Delays Construction in Union County

Hyperion's proposed oil refinery in Union County looks more and more like a pipe dream than a solid business plan. Hyperion asserts that they could start building right now, but they have asked (and a judge has agreed) to have the state Board of Minerals and Environment reopen its air permit. Hyperion uproariously claims they have asked for this delay to ensure that their refinery complies with all environmental regulations.

The more likely explanation: Hyperion still can't get the capital it needs to build the Union County refinery. The original air permit set an 18-month time frame for construction, with the latest possible start date in February 2011. By reopening the permit, Hyperion can get the state to offer an 18-month extension. Clever.

Governor Rounds is trying to assure his wealthy golf buddies that the refinery will move forward, but he continues to ignore to obvious: the business case for Hyperion's oil refinery doesn't exist. It will go the way of Big Stone II, brought down not by environmentalists (though we're happy to help) but by sheer economics.